topic Re: When is the statement closing date assigned? Couldn't get mine. in Credit Cards

When is the statement closing date assigned? Couldn't get mine.

masscredit — Sat, 07 Jan 2023 16:01:32 GMT

I recently activated my new Mercury Visa card. Today I called to get the statement closing date so I could make sure it's PIF before it closes. The person I spoke with told me he doesn't show a date yet. It will be determined after my first transaction. This is the first time I've heard something like this. I thought the closing date is assigned to the card when the account is opened.

Re: When is the statement closing date assigned? Couldn't get mine.

CreditMarathoner — Sat, 07 Jan 2023 16:25:23 GMT

Does the email/paperwork say what day of the month the due date is on? Many FIs base the closing date on the due date, usually a few days after.

Otherwise, I wouldn't sweat it. Even if a balance reports, as long as it isn't so high it affects utilization, you can just pay it before the due date and you'll be fine. And at that point you'll know when the statement close date is if you want to control what reports in the future.

Re: When is the statement closing date assigned? Couldn't get mine.

Horseshoez — Sat, 07 Jan 2023 16:33:41 GMT

@masscredit wrote:
I recently activated my new Mercury Visa card. Today I called to get the statement closing date so I could make sure it's PIF before it closes. The person I spoke with told me he doesn't show a date yet. It will be determined after my first transaction. This is the first time I've heard something like this. I thought the closing date is assigned to the card when the account is opened.

I've had new credit cards go both ways; my PenFed card didn't have a defined closing date when it was new and as such, I was surprised to get a statement something like two and a half weeks before my first payment was due. Had I been able to get the closing date from them I would have made sure it was paid to zero before the closing date.

My relatively new CSP was a completely different story, the monthly due date (the 27th of each month) and statement closing dates (the first of each month) were given to me by the Chase banker I worked with to open the account.

In your case @masscredit, I would pay the card to zero weekly until your first statement cuts, and then you'll most likely be on a monthly schedule thereafter.

Re: When is the statement closing date assigned? Couldn't get mine.

masscredit — Sat, 07 Jan 2023 16:47:00 GMT

@CreditMarathoner @Horseshoez

Looking at the paperwork, it says the account was opened 12/24. I'm guessing the statement closing date will be around the 24th of each month. It won't be a big deal if a balance reports for one month. I'm not planning to apply for any new credit for awhile (you've seen me say that before ). I keep a list of all of my cards and the statement and closing dates so that info is quickly available.

was trying to get a specific closing date for one of my cards years ago. If I remember correctly, the rep told me there were only certain dates avaiable for my part of the country. I didn't know that was a thing.

Re: When is the statement closing date assigned? Couldn't get mine.

SouthJamaica — Sat, 07 Jan 2023 17:37:39 GMT

@masscredit wrote:
I recently activated my new Mercury Visa card. Today I called to get the statement closing date so I could make sure it's PIF before it closes. The person I spoke with told me he doesn't show a date yet. It will be determined after my first transaction. This is the first time I've heard something like this. I thought the closing date is assigned to the card when the account is opened.

In my experience it's set when the account is approved.

Re: When is the statement closing date assigned? Couldn't get mine.

K-in-Boston — Sat, 07 Jan 2023 18:12:38 GMT

It depends on the issuer and with some lenders it won't even be generated until there is activity. I have had my fair share of "next statement closes 30 NOV 1899" accounts. ("Beginning of time" (01/01/1900) minus one month to some computer systems.) I definitely wouldn't count on using the date of account opening as a measure for statement closing or due date; I've had statements close within days of opening before I even received the card, and others not have the first statement close for 7 weeks.